Be very aware
Initial sales was great, very informative and helpful. Property X1 Media City Manchester was scheduled to complete Q3 '24 with backstop of Q4'25. However it went downhill very quickly after the deposit paid. The "suggested" legal company after 3 months and money paid decided they had too much work on and pulled out of the sale. This must have been known at the time Fabrik suggested them. Then the development has not even broken ground..... Fabrik failed to communicate any issues regarding this or high light the potential delay. It was only after I did some research and contacted them did they admit yes there was a delay. I have repeatedly asked for updates which have been provided only when I have asked then I am told I will be updated when there is any more news but every time I have to ask. The communication for any news is horrendous even though I am supposed to be on their mailing list for updates (which never happen) but I do get their sales offers!!! 35% deposit down and a delay which will be over 2 years late at BEST. No income or capital growth coming for 2+ years when I should start getting some return in 2024...Do not touch Fabrik - there are more professional companies out there.
Update 04/09/24
I had a zoom call with Dan Harburn (Senior property consultant) and Steve Jacob (CEO) yesterday which was informative. They have explained that they have a supplier problem in the form of X1 for communications. Fabrik team stated that they will pass on more information when they have it and they are trying to work out a solution for me. I will have to see what options are on the table.
Update 06/06/2025
For the past months I have been in discussions with Fabrik to review what options are available for me. The project from X1 seems to now have funding again and ground has been broken on site. Neither of which guarantee that the tower will actually be built but is some progress and shows an element of intent. A new backstop date and project plan with timescales is supposed to be in communication with solicitors (from start of May) however I have not received anything to this effect. Ongoing discussions with Fabrik who have been working hard for me to either get a full refund from X1 when they sell my unit to someone else or depending on how the project goes I continue with my investment on the hope that it gets completed. The Fabrik team have continued to be responsive and I am appreciative of their efforts. Will have to see which solution is best for my situation.
Update 04/07/2025
After considerable discussions regarding the progress or lack thereof for X1 block D it appears that construction may finally be taking place. Dan and Dale have been helpful in their ongoing support regarding the issue. Communication has been improved from the initial start point, there are still slow and in-consistent updates from the supplier X1 regarding progress.
Reply from Fabrik Property Group